Using the service of an online payroll provider has been a great investment by small businesses as they ensure timely and accurate payroll process in each pay period. Many small businesses are also hiring these services to ensure smooth payroll and payroll tax-filing process. In order to assure their clients, there are some payroll service providers who also give additional services in order to reduce errors in the payroll report. Here are some of them:
1. Accounting Software Integration: Importing payroll entries into accounting ledger each month by integrating accounting software with payroll system can drastically help you save time. Keep in mind that manual entries will double the data entry work and is also be prone to human errors. It is, therefore, important to get efficient accounting software to streamline the entire work process.
2. Time Clock Integration: Integrating time clock software with payroll system helps you in saving time by directly importing files of employees' attendance into the system. This relieves you from having to manually calculate the in and out time of all the employees. The software is accurate and makes sure that you are making the right calculations for each employee during every pay period.
3. Compliance: Using compliance resources will help you to stay up-to-date with latest amendments in labor law. Although these changes will automatically be applied to the payroll software, you should still be aware of all the recent developments in order to avoid fines and penalties.
4. Clergy Payroll: Staying in compliance with the Clergy Housing Allowance Clarification Act of 2002 or IRS Publication 517 is important while calculating church payroll. If you take these additional services, you will never have to worry about taxable and non-taxable clergy earnings. Moreover, you will never have to fill and file forms for the IRS department.
5. Nanny Payroll: Those people who are paying $1,700 or more per year to their nanny are required to pay Nanny Tax. By doing the payment on time, you get to avoid any IRS penalty. Additional services will help you in calculating and deducting Medicare taxes and social security taxes. Oftentimes, these service providers will pay and file forms to the IRS department on your behalf without missing deadlines.
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